George Economou’s DryShips is in serious trouble. The New York-listed bulker entity revealed yesterday it had defaulted on three bank facilities and raised “substantial doubt” of its ability to carry on as a going concern.

The Greek firm admitted it was in breach of financial covenants and has suspended principal repayments and interest payments for the remaining bank facilities.

DryShips suffered a net loss of $2.84bn for 2015 and the poor results have continued this year.

Other Economou-linked companies include Cardiff Marine/TMS Group and Ocean Rig.